NEW YORK, November 9, 2021 / PRNewswire / – Research Dive has added a new report to its offering titled “Capsule hotel market by traveler type (solo and group), booking mode (offline mode and online mode), age group (Gen X, Gen Y and Gen Z) and regional analysis (North America, Europe, Asia Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028“.
According to the report, the Global Capsule Hotel Market should generate a turnover of $ 211.7 million by 2028, growing exponentially at a 6.0% CAGR during the forecast period 2021-2028.
The increase in the number of solo trips by people and the availability of affordable hotels are expected to drive the growth of the market. In addition, the increase in the number of middle class people and their spending on many leisure activities including travel and tourism is expected to further enhance the growth of the capsule hotel market during the forecast period. Additionally, increasing adventure and travel expeditions among millennials across the globe is expected to create immense opportunities for market growth during the forecast period. However, the growing presence of budget hotels across the globe is expected to hamper the growth of the capsule hotel market during the forecast period.
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The report has divided the market into different segments based on traveler type, booking method, age group, and region.
- By type of traveler, the solo sub-segment is expected to be the most profitable and generate a turnover of $ 177.4 million during the forecast period. In shipping solo travelers to new places, they prefer budget accommodation that has all the basic features they need. This factor is expected to drive the growth of the Capsule Hotel sub-segment during the forecast period.
- In booking mode, the offline mode sub-segment is expected to be the most profitable and generate income of $ 164.7 million during the forecast period. Online booking methods are extremely transparent and take less time. This factor is expected to support the growth of the sub-segment during the forecast period.
- By age group, the Gen Z sub-segment is expected to be the most lucrative and generate revenue of $ 69.9 million during the forecast period. The increasing prevalence of solo travel among millennials to explore new places and cultures is expected to drive the growth of the capsule hotel sub-segment during the forecast period.
- By region, the Asia Pacific market is expected to dominate the market and generate sales of $ 179.1 million during the forecast period. The massive population of this region is expected to drive the market growth. In addition, the increasing number of capsule hotels in this region is expected to further enhance the growth of the regional capsule hotel market during the forecast period.
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Impact of COVID-19 on the Global Capsule Hotel Marlet
The COVID-19 outbreak is negatively impacting the growth of the global capsule hotel market, owing to the prevalence of blockages in various countries around the world. Strict travel restrictions have been imposed by the governments of many countries in an effort to curb the spread of the virus. The closures have resulted in the closure of hotels and restaurants across the world, resulting in lower demand. Thus, the pandemic has had a negative impact on the global capsule hotel market.
Access a comprehensive analysis of the impact of Covid-19 on the capsule hotel market
Top 10 Global Capsule Hotel Market Players Include –
- Book and sleep in Tokyo
- Dream lodge
- Nonze Pattaya Hotel
- Urbanpod Hotel
- The KLCC bed
- Riccarton capsule hotel
- Pangea Pod Hotel
- The Sydney Pod
- First HD CO cabin. Ltd.
- Capsule hotel
Educate yourself and get quick access to the summary report of the best business development strategies
These players work on developing strategies such as product development, mergers and acquisitions, partnerships and collaborations to support market growth.
For example, in June 2021, Suba Group, a BombayA mid-segment-based hotel company, has acquired 1589 Hotels, a low-budget leisure hotel chain, to maximize Suba’s presence in the global capsule hotel market by opening new avenues for business growth.
The report also summarizes many important aspects including financial performance of key players, SWOT analysis, product portfolio and latest strategic developments.
Porter’s Five Forces Analysis For Global Capsule Hotel Market:
- Bargaining Power of Suppliers: Changing consumer preferences, aging pollution and millennial population migration are expected to dampen supplier power.
Thus, the bargaining power of suppliers is moo.
- Bargaining power of buyers: The tourist can search the affordable hotel through the online mode. They can explore and find the most competitive option that best suits the pocket.
Thus, the bargaining power of buyers is high.
- Threat from New Entrants: The initial investment is high, creating a unique barrier to entry for the capsule hotel. In addition, the cost of switching for customers is generally zero.
Thus, the threat of new entrants is moderate.
- Threat of substitutes: The growing presence of mid-price / budget hotels is a major substitute for the capsule hotel.
Thus, the threat of substitutes is high.
- Competitive Rivalry in the Market: Competitive rivalry among industry players is rather intense, especially between mid-priced hotels. These hotels provide value-added services to strengthen the global footprint.
Therefore, the competitive rivalry in the market is high.
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Find out more about the capsule hotel market:
- Growing demand for cheaper hotels to accelerate the demand for capsule hotels around the world
- The global capsule hotel market will provide lucrative opportunities in the future with the increasing demand for user-friendly accommodation
- To what extent are capsule hotels taking the place of conventional hotels in developed countries?
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About the research dive
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